Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to Part BB of the ICE Clear Europe Delivery Procedures, 11568-11569 [2021-03850]

Download as PDF 11568 Federal Register / Vol. 86, No. 36 / Thursday, February 25, 2021 / Notices The public may view background documentation for this information collection at the following website: www.reginfo.gov. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to (i) www.reginfo.gov/public/do/ PRAMain and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549, or by sending an email to: PRA_Mailbox@sec.gov. Dated: February 22, 2021. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–03883 Filed 2–24–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–91166; File No. SR–ICEEU– 2021–005] Self-Regulatory Organizations; ICE Clear Europe Limited; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Amendments to Part BB of the ICE Clear Europe Delivery Procedures February 19, 2021. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on February 12, 2021, ICE Clear Europe Limited (‘‘ICE Clear Europe’’ or the ‘‘Clearing House’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule changes described in Items I, II and III below, which Items have been prepared by ICE Clear Europe. ICE Clear Europe filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(4)(ii) 4 thereunder, such that the proposed rule change was immediately effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(4)(ii). 17:04 Feb 24, 2021 II. Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICE Clear Europe included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of such statements. (A) Clearing Agency’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (a) Purpose ICE Clear Europe is proposing to amend Part BB of its Delivery Procedures to clarify the delivery specifications relating to Containerised White Sugar contracts. The proposed amendments would provide that such contracts relate to specified sugar of any origin of the crop or production current on the first day of the delivery period (instead of referencing the crop at the time of delivery). The change would facilitate identification of sugar eligible for delivery under the contract. (b) Statutory Basis ICE Clear Europe believes that the proposed amendments to Part BB of the Delivery Procedures are consistent with the requirements of Section 17A of the Act 6 and the regulations thereunder applicable to it. In particular, Section 17A(b)(3)(F) of the Act 7 requires, among other things, that the rules of a clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, the safeguarding of securities and funds in the custody or control of the clearing 5 Capitalized terms used but not defined herein have the meanings specified in the ICE Clear Europe Clearing Rules (the ‘‘Rules’’). 6 15 U.S.C. 78q–1. 7 15 U.S.C. 78q–1(b)(3)(F). 1 15 VerDate Sep<11>2014 I. Clearing Agency’s Statement of the Terms of Substance of the Proposed Rule Change The principal purpose of the proposed amendments is for ICE Clear Europe to make certain amendments to Part BB of its Delivery Procedures to clarify the delivery specifications relating to Containerised White Sugar futures contracts in order to facilitate identification of sugar eligible for delivery under the contract.5 Jkt 253001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 agency or for which it is responsible, and the protection of investors and the public interest. The proposed changes to the Delivery Procedures are designed to strengthen ICE Clear Europe’s arrangements and delivery procedures relating to Containerised White Sugar contracts. The amendments would clarify that Containerised White Sugar contracts relate to specified sugar of any origin of the crop or production current on the first day of the delivery period (rather than at the time of delivery). The amendments do not otherwise change the terms and conditions of the contracts, and the contracts will continue to be cleared by ICE Clear Europe in the same manner as they are currently. In ICE Clear Europe’s view, the amendments are thus consistent with the prompt and accurate clearance and settlement of cleared contracts and the protection of investors and the public interest. (ICE Clear Europe would not expect the amendments to affect the safeguarding of securities and funds in ICE Clear Europe’s custody or control or for which it is responsible). Accordingly, the amendments satisfy the requirements of Section 17A(b)(3)(F).8 In addition, Rule 17Ad–22(e)(10) 9 requires that each covered clearing agency ‘‘establish and maintain transparent written standards that state its obligations with respect to the delivery of physical instruments, and establish and maintain operational practices that identify, monitor and manage the risks associated with such physical deliveries.’’ As discussed above, the amendments would clarify the delivery specifications for Containerised White Sugar contracts to facilitate identification of sugar eligible for delivery under the contracts. The amendments would not otherwise change the manner in which the contracts are cleared or in which delivery is made, as supported by ICE Clear Europe’s existing financial resources, risk management, systems and operational arrangements. The amendments thus clarify the role and responsibilities of the Clearing House and Clearing Members with respect to physical delivery. As a result, ICE Clear Europe believes the amendments are consistent with the requirements of Rule 17Ad–22(e)(10).10 (B) Clearing Agency’s Statement on Burden on Competition ICE Clear Europe does not believe the proposed amendments would have any 8 15 U.S.C. 78q–1(b)(3)(F). CFR 240.17Ad–22(e)(10). 10 17 CFR 240.17Ad–22(e)(10). 9 17 E:\FR\FM\25FEN1.SGM 25FEN1 Federal Register / Vol. 86, No. 36 / Thursday, February 25, 2021 / Notices impact, or impose any burden, on competition not necessary or appropriate in furtherance of the purposes of the Act. The amendments are being adopted to update and clarify the delivery specifications in Part BB of the Delivery Procedures in connection with Containerised White Sugar contracts, and will not otherwise affect the contract. ICE Clear Europe does not expect that the proposed changes will adversely affect access to clearing or the ability of Clearing Members, their customers or other market participants to continue to clear contracts. ICE Clear Europe also does not believe the amendments would materially affect the cost of clearing or otherwise impact competition among Clearing Members or other market participants or limit market participants’ choices for selecting clearing services. Accordingly, ICE Clear Europe does not believe the amendments would impose any burden on competition not necessary or appropriate in furtherance of the purpose of the Act. (C) Clearing Agency’s Statement on Comments on the Proposed Rule Change Received from Members, Participants or Others Written comments relating to the proposed rule changes have not been solicited or received by ICE Clear Europe. ICE Clear Europe will notify the Commission of any written comments received with respect to the proposed amendments. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and paragraph (f) of Rule 19b–4 thereunder. At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic Comments • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml) or VerDate Sep<11>2014 17:04 Feb 24, 2021 Jkt 253001 • Send an email to rule-comments@ sec.gov. Please include File Number SR– ICEEU–2021–005 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–ICEEU–2021–005. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s internet website (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filings will also be available for inspection and copying at the principal office of ICE Clear Europe and on ICE Clear Europe’s website at https://www.theice.com/clear-europe/ regulation. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–ICEEU– 2021–005 and should be submitted on or before March 18, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–03850 Filed 2–24–21; 8:45 am] BILLING CODE 8011–01–P 11 17 PO 00000 CFR 200.30–3(a)(12). Frm 00075 Fmt 4703 Sfmt 4703 11569 SECURITIES AND EXCHANGE COMMISSION [Release No. IA–5688] Notice of Intention To Cancel Registrations of Certain Investment Advisers Pursuant to Section 203(H) of the Investment Advisers Act of 1940 February 22, 2021. Notice is given that the Securities and Exchange Commission (the ‘‘Commission’’) intends to issue an order or orders, pursuant to section 203(h) of the Investment Advisers Act of 1940 (the ‘‘Act’’), cancelling the registrations of the investment advisers whose names appear in the attached Appendix, hereinafter referred to as the ‘‘registrants.’’ Section 203(h) of the Act provides, in pertinent part, that if the Commission finds that any person registered under section 203, or who has pending an application for registration filed under that section, is no longer in existence, is not engaged in business as an investment adviser, or is prohibited from registering as an investment adviser under section 203A, the Commission shall by order cancel the registration of such person. Each registrant listed in the attached Appendix either (a) has not filed a Form ADV amendment with the Commission as required by rule 204–1 under the Act 1 and appears to be no longer engaged in business as an investment adviser or (b) has indicated on Form ADV that it is no longer eligible to remain registered with the Commission as an investment adviser but has not filed Form ADV–W to withdraw its registration. Accordingly, the Commission believes that reasonable grounds exist for a finding that these registrants are no longer in existence, are not engaged in business as investment advisers, or are prohibited from registering as investment advisers under section 203A, and that their registrations should be cancelled pursuant to section 203(h) of the Act. Notice is also given that any interested person may, by March 19, 2021, at 5:30 p.m., submit to the Commission in writing a request for a hearing on the cancellation of the registration of any registrant listed in the attached Appendix, accompanied by a statement as to the nature of such person’s interest, the reason for such person’s request, and the issues, if any, 1 Rule 204–1 under the Act requires any adviser that is required to complete Form ADV to amend the form at least annually and to submit the amendments electronically through the Investment Adviser Registration Depository. E:\FR\FM\25FEN1.SGM 25FEN1

Agencies

[Federal Register Volume 86, Number 36 (Thursday, February 25, 2021)]
[Notices]
[Pages 11568-11569]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03850]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91166; File No. SR-ICEEU-2021-005]


Self-Regulatory Organizations; ICE Clear Europe Limited; Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change Relating 
to Amendments to Part BB of the ICE Clear Europe Delivery Procedures

February 19, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on February 12, 2021, ICE Clear Europe Limited (``ICE Clear Europe'' or 
the ``Clearing House'') filed with the Securities and Exchange 
Commission (``Commission'') the proposed rule changes described in 
Items I, II and III below, which Items have been prepared by ICE Clear 
Europe. ICE Clear Europe filed the proposed rule change pursuant to 
Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(4)(ii) \4\ 
thereunder, such that the proposed rule change was immediately 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit comments on the proposed rule change from 
interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(4)(ii).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the 
Proposed Rule Change

    The principal purpose of the proposed amendments is for ICE Clear 
Europe to make certain amendments to Part BB of its Delivery Procedures 
to clarify the delivery specifications relating to Containerised White 
Sugar futures contracts in order to facilitate identification of sugar 
eligible for delivery under the contract.\5\
---------------------------------------------------------------------------

    \5\ Capitalized terms used but not defined herein have the 
meanings specified in the ICE Clear Europe Clearing Rules (the 
``Rules'').
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

    In its filing with the Commission, ICE Clear Europe included 
statements concerning the purpose of and basis for the proposed rule 
change and discussed any comments it received on the proposed rule 
change. The text of these statements may be examined at the places 
specified in Item IV below. ICE Clear Europe has prepared summaries, 
set forth in sections (A), (B), and (C) below, of the most significant 
aspects of such statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis 
for, the Proposed Rule Change

(a) Purpose
    ICE Clear Europe is proposing to amend Part BB of its Delivery 
Procedures to clarify the delivery specifications relating to 
Containerised White Sugar contracts. The proposed amendments would 
provide that such contracts relate to specified sugar of any origin of 
the crop or production current on the first day of the delivery period 
(instead of referencing the crop at the time of delivery). The change 
would facilitate identification of sugar eligible for delivery under 
the contract.
(b) Statutory Basis
    ICE Clear Europe believes that the proposed amendments to Part BB 
of the Delivery Procedures are consistent with the requirements of 
Section 17A of the Act \6\ and the regulations thereunder applicable to 
it. In particular, Section 17A(b)(3)(F) of the Act \7\ requires, among 
other things, that the rules of a clearing agency be designed to 
promote the prompt and accurate clearance and settlement of securities 
transactions and, to the extent applicable, derivative agreements, 
contracts, and transactions, the safeguarding of securities and funds 
in the custody or control of the clearing agency or for which it is 
responsible, and the protection of investors and the public interest. 
The proposed changes to the Delivery Procedures are designed to 
strengthen ICE Clear Europe's arrangements and delivery procedures 
relating to Containerised White Sugar contracts. The amendments would 
clarify that Containerised White Sugar contracts relate to specified 
sugar of any origin of the crop or production current on the first day 
of the delivery period (rather than at the time of delivery). The 
amendments do not otherwise change the terms and conditions of the 
contracts, and the contracts will continue to be cleared by ICE Clear 
Europe in the same manner as they are currently. In ICE Clear Europe's 
view, the amendments are thus consistent with the prompt and accurate 
clearance and settlement of cleared contracts and the protection of 
investors and the public interest. (ICE Clear Europe would not expect 
the amendments to affect the safeguarding of securities and funds in 
ICE Clear Europe's custody or control or for which it is responsible). 
Accordingly, the amendments satisfy the requirements of Section 
17A(b)(3)(F).\8\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78q-1.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
    \8\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In addition, Rule 17Ad-22(e)(10) \9\ requires that each covered 
clearing agency ``establish and maintain transparent written standards 
that state its obligations with respect to the delivery of physical 
instruments, and establish and maintain operational practices that 
identify, monitor and manage the risks associated with such physical 
deliveries.'' As discussed above, the amendments would clarify the 
delivery specifications for Containerised White Sugar contracts to 
facilitate identification of sugar eligible for delivery under the 
contracts. The amendments would not otherwise change the manner in 
which the contracts are cleared or in which delivery is made, as 
supported by ICE Clear Europe's existing financial resources, risk 
management, systems and operational arrangements. The amendments thus 
clarify the role and responsibilities of the Clearing House and 
Clearing Members with respect to physical delivery. As a result, ICE 
Clear Europe believes the amendments are consistent with the 
requirements of Rule 17Ad-22(e)(10).\10\
---------------------------------------------------------------------------

    \9\ 17 CFR 240.17Ad-22(e)(10).
    \10\ 17 CFR 240.17Ad-22(e)(10).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    ICE Clear Europe does not believe the proposed amendments would 
have any

[[Page 11569]]

impact, or impose any burden, on competition not necessary or 
appropriate in furtherance of the purposes of the Act. The amendments 
are being adopted to update and clarify the delivery specifications in 
Part BB of the Delivery Procedures in connection with Containerised 
White Sugar contracts, and will not otherwise affect the contract. ICE 
Clear Europe does not expect that the proposed changes will adversely 
affect access to clearing or the ability of Clearing Members, their 
customers or other market participants to continue to clear contracts. 
ICE Clear Europe also does not believe the amendments would materially 
affect the cost of clearing or otherwise impact competition among 
Clearing Members or other market participants or limit market 
participants' choices for selecting clearing services. Accordingly, ICE 
Clear Europe does not believe the amendments would impose any burden on 
competition not necessary or appropriate in furtherance of the purpose 
of the Act.

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change 
Received from Members, Participants or Others

    Written comments relating to the proposed rule changes have not 
been solicited or received by ICE Clear Europe. ICE Clear Europe will 
notify the Commission of any written comments received with respect to 
the proposed amendments.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At 
any time within 60 days of the filing of the proposed rule change, the 
Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml) or
     Send an email to [email protected]. Please include 
File Number SR-ICEEU-2021-005 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-ICEEU-2021-005. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule between the Commission and any person, other than those that may 
be withheld from the public in accordance with the provisions of 5 
U.S.C. 552, will be available for website viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filings will also be available for inspection 
and copying at the principal office of ICE Clear Europe and on ICE 
Clear Europe's website at https://www.theice.com/clear-europe/regulation. All comments received will be posted without change. 
Persons submitting comments are cautioned that we do not redact or edit 
personal identifying information from comment submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-ICEEU-2021-005 and should be 
submitted on or before March 18, 2021.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-03850 Filed 2-24-21; 8:45 am]
BILLING CODE 8011-01-P
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